Electromagnetic Geoservices ASA ("EMGS" or the "Company") is currently participating in a sole-sourced tender process for a multi-year acquisition contract.
Based on the information currently available to EMGS, the Company believes that the contract, if awarded, will have a value in excess of USD 30 million over a two-year period.
The Company believes that the tendering process will be completed or, as the case may be, terminated within the second quarter of 2019.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act